GOLD, GOLD ORNAMENTS AND
PRECIOUS STONES
RATE OF TAX IN GST REGIME
The rate of tax for jewellery fixed at 3% under Goods
and Services Tax Act, 2017 and most of the dealers searching in the
schedule. The dealers dealing in jewels
and precious stones etc., know that the rate of tax is 3% and the rate of tax
for jewellery were noted in the GST rate
schedule for certain goods as per the discussions in the GST Council Meeting
held on 3rd June, 2017. The dealers
view the Columns taxable at 0%, 5%, 12%, 18% and 28% and feel there is no
column taxable at 3%. Hence the rate of
tax for jewellery available in the schedule is given below for ready reference.
GST RATE SCHEDULE FOR CERTAIN GOODS [As per
discussions in the GST Council Meeting held on 3rd June, 2017]
HSN
CHAPTER
|
HSN CODE
|
NAME OF THE COMMODITY
|
RATE OF GST
|
71. (Natural or
cultured pearls, precious or semi-precious stones, precious metals, metals
clad with precious metal, and articles thereof ; imitation jewellery; coin
|
7101
|
Pearls, natural
or cultured, whether or not worked or graded but not strung, mounted or set;
Pearls, natural or cultured, temporarily strung for convenience of transport.
|
All goods of Chapter 71 (other than rough diamond
will attract
3%
|
7102
|
Diamonds,
whether or not worked, but not mounted or set [other than rough diamonds].
|
||
7103
|
Precious stones
(other than diamonds) and semi-precious stones, whether or not worked or
graded but not strung, mounted or set; ungraded precious stones (other than
diamonds) and semi-precious stones, temporarily strung for convenience
transport.
|
||
7104
|
Synthetic or
reconstructed precious or semi-precious stones, whether or not worked or
graded but not strung, mounted or set; Ungraded synthetic or reconstructed
precious stones, temporarily strung for convenience of transport.
|
||
7105
|
Dust and powder
of natural or synthetic precious or semi - precious stones
|
||
7106
|
Silver
(including silver plated with gold or platinum), unwrought or in semi -
manufactured forms, or in powder form
|
||
7107
|
Base metals clad
with silver, not further worked than semi – manufactured.
|
||
7108
|
Gold (including
gold plated with platinum) unwrought or in semi - manufactured forms, or in
powder form
|
||
7109
|
Base metals or
silver, clad with gold, not further worked than semi – manufactured.
|
||
7110
|
Platinum,
unwrought or in semi - manufactured form, or in powder form.
|
||
7111
|
Base metals,
silver or gold, clad with platinum, not further worked than
semi-manufactured.
|
||
7112
|
Waste and scrap
of precious metals, of metal clad with precious metal.
|
||
7113
|
Articles of
jewellery and parts thereof, of precious metal or of metal clad with precious
metal
|
||
7114
|
Articles of
goldsmiths' or silversmiths' wares and parts thereof, of precious metal or of
metal clad with precious metal
|
||
7115
|
Other articles
of precious metal or of metal clad with precious metal.
|
||
7116
|
Articles of
natural or cultured pearls, precious or semi-precious stones (natural,
synthetic or re-constructed).
|
||
7117
|
Imitation
jewellery.
|
||
7118
|
Coins.
|
||
7102
|
Rough Diamond
|
0.25%
|
The 10 percent Customs Duty on total tax on gold will
continue in GST Regime.
Input tax credit can be claimed for gold jewellery manufacture.
Rough Diamond with HSN Code 7102 will attract 0.25% GST.